Business

Unemployment makes social security solutions imperative in Brazil

Unemployment and informality are rising in Brazil, and this is likely to cause significant strain on the country's already struggling pensions system

Unemployment figures alone don't explain the true extent of the crisis. Photo: Roberto Herrera Peres/Shutterstock
Coconut cart. Photo: Kdalsin/Shutterstock

Brazil’s economic scenario was already dire, even before the Covid-19 pandemic hit the country. Any expectations of recovery have firmly been put on hold for the time being. Countries around the world, even those with more robust economies than Brazil’s, are now discussing how to strengthen welfare measures to protect groups who have been hit the hardest by the crisis. As Latin America’s largest economy, Brazil will have to be asking the same questions. 

In November 2019, Brazil reformed its pension system, seeking to ward off a potential default on public accounts for the next few years. But with the...

Access all of The Brazilian Report

Less expensive than a coffee!

Enjoy your 30-day limited-time offer for US$ 0.25 a week